Bank of Beirut has opened offices in Limassol, Cyprus as part of its strategy to expand operations in the region. It is estimated that there are thousands of Lebanese expatriates in Cyprus.

According to chairman of Bank of Beirut, Salim Sfeir the offshore banking units in Cyprus will serve the Syrian and Jordanian markets in the future. With assets of more than $ 3.4 billion, Bank of Beirut made a net profit of $20 million in 2002. Emirates Bank owns 10 percent of the financial institution. — (menareport.com)